GKP

I think it is GKP time again soon. It has been a while. Beautiful trendline / triangle break here, forewarned two days ago when RSI support did the same.

Not a time to go long though, not that I am supporting Bobbono's remarks, which should be ignored as usual.

Anyway, I am looking to the support in the 64p area which is close enough to the asset value in the CPR to give confidence.

A quick chart to illustrate:

uk.advfn.com/p.php?pid=chartscreenshotsh...eQ8+B7xY/WgBWw3faxY=

GL
F$T

Hello stranger

Hi Skipper.

I will give some commentary here since I am following this retrace and no others have.

See hourly chart:

uk.advfn.com/p.php?pid=chartscreenshotsh...PsJ0z+OJD1xRxndFw08=

This demonstrates the stall at 85. RSI resistance and trendline resistance. We are also in the 61.8% fib area.This is a good sell point IMO.

A good attempt to garner interest with the RNS and it has brought a break of the important 82 level, but given all the above I will expect a retrace to at least 72.25 over the next week. My bet is still a retrace to 64 at minimum. I will test the water there.

Do remember that anything can happen.

Cheers
F4T

this looks quite interesting today.

Not going against anything Food 4 thought is saying below.

However, we will get what looks like 123 formation on the break 85p.
Don't try to jump the gun here, this is still in Bear mode.

I will go long at 86p (to be safe), if we see this level. stops below the two.
This has potentially loads of upside, so not one to rush into.

uk.advfn.com/p.php?pid=chartscreenshotsh...qHcw%3D&symbol=L^GKP

that's the link, break of 85p the level to watch IMHO.

Regards,
trendfriend.

Hi Trendfriend,

yes, a breakout from the minor swing high of 85 would be positive, but the 90 area provides a far sterner test of trendline resistance on the daily (see chart). More long term resistance from 450 lies in the gap area of 140.

The chart shows the falling wedge from 6/2012 (more bullish than bearish) and how key the 80/82 area is. Indecision reigns (hence the doji's) due to trendline support and horizontal support at 82.

uk.advfn.com/p.php?pid=chartscreenshotsh...47wnMSvuLIeBWyUbo%3D

Horizontal support below is at 64p, but IMO this needs to happen in the next 2 weeks.

On the bullish side, there is potential for a strong move if the wedge breaks upwards.

F4T

Trend,

When you say you're going long at 86, are you talking intraday or only upon close at 86?

TIA

Regards (and thanks to you, F4T and all the other guys and gals here),

EGH